Thailand’s government said it will scrap import duties on luxury watches, clothes and cosmetics to help the country compete with Hong Kong and Singapore for wealthy travelers from markets including China.
Egypt scrapped import tariffs on raw and white sugar, applied last year as a measure to protect its domestic industry, after finding lower capacity utilization and profitability weren’t caused by increased imports.
King Canute had it easy. Indian Finance Minister Palaniappan Chidambaram has battled currency markets for two months, trying to stem the collapse of the Indian rupee from 55 to a dollar in May to 65 this week. He has found commanding currency markets even harder than commanding the ocean waves.
India’s rupee sank to a record on concern recent steps to steady the currency will prompt foreigners to rethink investment plans amid speculation the U.S. will pare stimulus next month. Bonds and stocks plunged.
India’s rupee weakened to within 0.4 percent of its record low on concern steps taken by policy makers to steady the currency will prove insufficient as the U.S. prepares to pare stimulus. Government bonds fell.